Including: PHILIPPINES - JPMorgan wins Philippines mandate; ASIA-PACIFIC - IFSA signs Korean deal
Citigroup has lost custody of around $600m in overseas assets after the Philippines' Government Service Insurance System (GSIS) dropped the bank as custodian of its global investment programme (GIP)
It is understood the mandate was handed to JPMorgan on Monday (March 2).
The GSIS is mandated to run the pension fund for Philippine's government employees.
ASIA-PACIFIC - IFSA signs Korean deal
The Investment and Financial Services Association (IFSA) of Australia has signed a deal with the Korea Financial Investment Association (KOFIA) in a bid to work more closely together.
IFSA also welcomed the signing of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Agreement, which saw the ten ASEAN members - Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - alongside Australia and New Zealand agree to open up their economies to free trade.
IFSA chief executive Richard Gilbert said: "We particularly welcome the focus on increasing regulatory transparency and improved due process in financial services such as asset management, pension fund management, custodial, depository and trust services."
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.